CITIC Securities: The photovoltaic industry chain is expected to see a reasonable price increase and profit recovery.

CITIC Securities research report pointed out that as an industry with prominent issues of homogenized low-price competition and episodic overcapacity, photovoltaics is the core battleground of this round of "anti-internal competition". Under the premise of market orientation, with the industry returning to standardized and orderly competition, as well as the gradual improvements and implementation of potential supply-side reform policies, the photovoltaic industry chain is expected to see a reasonable price increase and profit recovery, with the fundamental outlook expected to be solidified and improved. At the same time, technological innovation will still be the fundamental path for the photovoltaic industry to break away from homogenized competition dilemma. Companies with advantages in product differentiation, high-end market positioning, and manufacturing brandization are expected to lead in performance turnaround and long-term growth. It is recommended to focus on leading companies in the photovoltaic industry that have long-term competitiveness and elasticity in price and quantity rebound under the continuous promotion of "anti-internal competition".